Growing peonies that last for decades, which is certainly possible, requires only simple care and maintenance.
Use a low-nitrogen fertilizer (such as 3-5-3 or 4-10-10. Fertilizers formulated for bulbs work best), since too much nitrogen can lead to lots of leaves but fewer blooms.
Be sure to apply fertilizer around the drip line or around the plant's crown and not directly on the crown to avoid burning.
If you peony are already growing nicely and not just emerging, you can also apply a light feeding right after blooming to help the plant store energy for next year’s flowers.
Avoid fertilizing in the Fall, as this can encourage soft growth that’s more vulnerable to winter damage. Pair fertilizing with a layer of compost or mulch to improve soil health and retain moisture for best results.
Fertilizing: Apply a balanced fertilizer in the spring when the shoots start to appear. Repeat the application after the peonies bloom.
Pest control: Keep an eye out for pests such as spider mites, thrips, and botrytis blight. Apply insecticidal soap or Neem oil as necessary.
Pruning: Deadhead blooms and bloom stalks after they've finished blooming (this is a good time to fertilize if you didn't do it earlier in the Spring). In the fall, cut back the peony leaf stems to ground level to prevent disease and promote healthy growth in the spring. Mulch to protect from winter cold.
A word about mulch: don't use aged manure on peonies, as it can burn the crown and typically contains too much nitrogen, which promotes leafs but not blooms.
Want more detailed information on choosing, planting, and growing peony in Colorado? Click here.